It's a bit crucial to be decently in shape. You don't need to have Ryu's level of muscle but it would help to work on some form of definition. If you already got that, then the rest sounds good. Good luck!

You seem pretty much set. You have all the materials, it's just how much work you put into it. For example you can put the furinkazan kanji on your Ryu belt.

Also the sleeves can be tricky too. Sometimes the sleeves get cut off completely and go straight down, with no jaggedness like in the art work. I had trouble with that and had to redo it to make sure it didn't look like a toga. Basically, you are set. Let me know where you are so far! Congrats on cosplaying one of the most revered idols in all video game history!